For quite a while, a small number of steel sports watches have been effectively impossible to get at retail. You could walk into a boutique and be told there was a very long waiting list (or that there wasn't one, which usually amounted to the same experience: you’re not getting the watch). So the secondary market stepped in, and its prices had absolutely nothing to do with retail. They had everything to do with hype.Pre-owned prices went up, and many of the people who'd bought these watches decided they'd rather have the extra cash. Later, secondary market prices came down. The waiting lists for new pieces at retail got shorter, and the conversation moved on. Why Watch Prices Surged in 2020-2022 and Then FellThe 2020 to 2022 price rally had plenty feeding it. People were stuck at home with money they'd normally have spent on travel or restaurants or any number of other things. Steel watches with integrated bracelets were already what everyone seemed to want. Then, in 2021, Patek Philippe discontinued the Nautilus 5711, and Audemars Piguet ended production of the Royal Oak Jumbo 15202. The combination of discretionary funds and popular watches getting discontinued led to big price jumps.According to WatchCharts, Nautilus and Aquanaut prices more than doubled between early 2021 and early 2022, and a steel 5711 that retailed for around $35,000 was changing hands for several times that price. But most of it petered out pretty quickly. By the summer of 2023, WatchCharts data showed the average secondhand watch price had fallen 31% from its March 2022 high.